RBA meeting minutes

Date: Tuesday, 21 November at 11.30 am AEDT

The minutes from the Reserve Bank’s meeting this month are scheduled to be released on Tuesday, November 22 at 11.30 am.

At its November meeting, the RBA increased its official cash rate by 25 basis points (bp) to 4.35%. This was the RBA’s first rate rise since June and was widely expected. The rate hike was prompted by an upgrade in the RBA’s inflation forecasts to 3.5% from 3.3% by the end of 2024, aiming to keep inflation within the 2-3% target range by the end of 2025.

The Board noted, ‘The increase in interest rates is warranted today to be more assured that inflation will return to target in a reasonable timeframe.’ Although the RBA maintains its tightening bias, this stance has softened, adding a dovish aspect to the rate hike, shifting from ‘Some further tightening of monetary policy may be required…’ to ‘Whether further tightening of monetary policy is required… will depend upon the data and the evolving assessment of risks.’

The upcoming board meeting minutes are anticipated to echo these sentiments, with a focus on the options considered by the board, triggers for acting on its tightening bias, and factors that might lead to a more neutral stance.

RBA cash rate chart